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Finansal Başarısızlık Riski Firma Değeri Örüntüsü: Avrupa Konaklama İşletmelerinden Kanıtlar

Year 2022, , 179 - 198, 25.10.2022

Erdinç Karadeniz , Ömer İskenderoğlu , Cemile Öcek

https://doi.org/10.17233/sosyoekonomi.2022.04.09

Abstract

Bu araştırmanın amacı, Avrupa konaklama sektöründe faaliyet gösteren konaklama işletmelerinin finansal başarısızlık riski ile firma değeri arasındaki ilişkiyi belirlemektir. Konaklama işletmelerine ait finansal başarısızlık risklerinin firma değeri üzerindeki etkisi, araştırma doğrultusunda oluşturulan Genelleştirilmiş Momentler Yöntemi (GMM) ile test edilmiştir. Yapılan analizler sonucunda Fulmer H Skoru, Ohlson Skoru ve Springate Skoru modellerine göre konaklama işletmelerinin finansal başarısızlık riskleri azaldıkça firma değerlerinin arttığı belirlenmiştir. Finans literatüründe konaklama işletmelerinin finansal başarısızlığının finansal performans üzerindeki etkisini inceleyen sınırlı sayıda araştırma bulunmaktadır. Bu bağlamda çalışma, turizm ve finans literatürüne katkı sağlayarak konaklama işletmelerinde finansal başarısızlık riski ile firma değeri arasındaki ilişkiyi ortaya koymaya çalışmaktadır.

Keywords

Finansal Başarısızlık Riski İflas Firma Değeri Konaklama İşletmeleri Avrupa

References

  • Aggarwal, D. & P. Padhan (2017), “Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry”, Theoretical Economics Letters, 7, 982-1000.
  • Aina, N.A. (2019), The Effect of Exchange Rate to Altman-Z in Mondelez International ‘Cadbury’, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3385205>, 23.12.2020.
  • Al-Kassar, T.A. & J.S. Soileau (2014), “Financial Performance Evaluation and Bankruptcy Prediction (Failure)”, Arab Economic and Business Journal, 9(2), 147-155.
  • Altman, E.I. & E. Hotchkiss, (1993), Corporate Financial Distress and Bankruptcy, New York: John Wiley & Sons.
  • Altman, E.I. (1968), “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), 589-609.
  • Altman, E.I. (2013), “Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA® Models”, in: Handbook of Research Methods and Applications in Empirical Finance, United Kingdom: Edward Elgar Publishing.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Asgharian, H. (2003), “Are Highly Leveraged Firms More Sensitive to an Economic Downturn?”, The European Journal of Finance, 9, 219-241.
  • Aydın, N. et al. (2014), Finansal Yönetim, Ankara: Detay Yayıncılık.
  • Bahar, O. & M. Kozak (2006), Turizm Ekonomisi, Ankara: Detay Yayıncılık.
  • Beaver, W.H. (1966), “Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 4, 71-111.
  • Buzgurescu, O.L.P. & N. Elena (2020), “Bankruptcy Risk Prediction in Assuring the Financial Performance of Romanian Industrial Companies”, in: S. Grima et al. (eds.), Contemporary Issues in Business Economics and Finance (Contemporary Studies in Economic and Financial Analysis (19-28), Emerald Publishing Limited.
  • Canbaş, S. et al. (2005), “Performans Ölçümünde Tobin Q Oranının Kullanılması: Hisse Senetleri İMKB’de İşlem Gören Sanayi İşletmeleri Üzerinde Bir Deneme”, Muhasebe ve Finansman Dergisi, 28, 24-36.
  • Delavar, A. et al. (2015), “Working Capital, Firm Performance, and Financial Distress in Firms Listed in Tehran Stock Exchange”, Indian Journal of Fundamental and Applied Live Science, 5, 2086-2093.
  • Dewi, A. & M. Hadri (2017), “Financial Distress Prediction in Indonesia Companies: Finding an Alternative Model”, Russian Journal of Agricultural and Socio-Economic Sciences, 61(1), 29-38.
  • Edmister, R.O. (1972), “An Empirical Test of Financial Ratio Analysis for Small Business Failure Prediction”, Journal of Financial and Quantitative Analysis, 7(2), 1477-1493.
  • Fulmer, J.G. (1984), “A Bankruptcy Classification Model for Small Firms”, The Journal of Commercial Bank Lending, 66(11), 25-37.
  • Gemar, G. et al. (2019), “Predicting Bankruptcy in Resort Hotels: A Survival Analysis”, International Journal of Contemporary Hospitality Management, 31(4), 1546-1566.
  • Gritta, R.D. et al. (2008), “A Review of the History of Air Carrier Bankruptcy Forecasting and the Application of Various Models to the US Airline Industry: 1980-2005”, in: History of Insolvency and Bankruptcy (193-214), Södertörn Academic Studies.
  • Gu, Z. & L. Gao (2000), “A Multivariate Model for Predicting Business Failures of Hospitality Firms”, Tourism and Hospitality Research, 2(1), 37-49.
  • Gu, Z. (2002), “Analyzing Bankruptcy in the Restaurant Industry: A Multiple Discriminant Model”, International Journal of Hospitality Management, 21(1), 25-42.
  • Gujarati, D. (2004), Basic Econometrics, New York: Mcgraw-Hill Companies.
  • İskenderoğlu, Ö. et al. (2012), “Türk Bankacılık Sektöründe Büyüme, Büyüklük ve Sermaye Yapısı Kararlarının Karlılığa Etkisinin Analizi”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 7(1), 291-311.
  • Karaca, S. & E. Özen (2017), “Financial Failure Estimation of Companies in BIST Tourism Index by Altman Model and Its Effect on Market Prices”, BRAND Broad Research in Accounting, Negotiation and Distribution, 8(2), 11-23.
  • Karadeniz, E. & C. Öcek (2020), “Finansal Başarısızlık Tahmin Modellerinin Geçerliliğinin Analizi: Thomas Cook Örneği”, Seyahat ve Otel İşletmeciliği Dergisi, 17(3), 394-406.
  • Karadeniz, E. (2017), “Halka Açık Konaklama İşletmelerinin Nakit Akış Profillerinin Analizi: Uluslararası Bir Karşılaştırma”, Seyahat ve Otel İşletmeciliği Dergisi, 14(3), 167-185.
  • Karadeniz, E. et al. (2009), “Determinants of Capital Structure: Evidence from Turkish Lodging Companies”, International Journal of Contemporary Hospitality Management, 21(5), 594-609.
  • Khoo, S.S. (2013), Tobin’s Q of Honda Motor Company, Limited and Its Determinants from 2013 to 2017, Limited and Its Determinants From, Available at SSRN: <https://ssrn.com/abstract=3387035> or <http://dx.doi.org/10.2139/ssrn.3387035>, 17.01.2022.
  • Kim, H. & Z. Gu (2006), “Predicting Restaurant Bankruptcy: A Logit Model in Comparison with a Discriminant Model”, Journal of Hospitality & Tourism Research, 30(4), 474-493.
  • Kim, J. (2018), “Bankruptcy and Institutions: Theory and Empirical Evidence from Korea and the United States”, Emerging Markets Finance and Trade, 54(1), 219-233.
  • Kiyak, D. & D. Labanauskaite (2012), “Assessment of the Practical Application of Corporate Bankruptcy Prediction Models”, Economics and Management, 17(3), 895-905.
  • Köşker, H. (2017), “Krizlerin Turizm Sektörüne Etkileri Üzerine Bir Araştırma: 2016 Yılı Türkiye Örneği”, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler Dergisi, (62), 216-230.
  • Legault, J.C.A. (1987), CA-Score, A Warning System for Small Business Failures, Bilanas, June, 29-31.
  • Merwin, C.L. (1942), Financing Small Corporations in Five Manufacturing Industries, 1926-1936, New York: National Bureau of Economic Research.
  • Meyer, P.A. & H.W. Pifer (1970), “Prediction of Bank Failures”, The Journal of Finance, 25(4), 853-868.
  • Ohlson, J.A. (1980), “Financial Ratios and the Probabilistic Prediction of Bankruptcy”, Journal of Accounting Research, 18(1), 109-131.
  • Opler, T.C. & S. Titman (1994), “Financial Distress and Corporate Performance”, The Journal of Finance, 4(3), 1015-1040.
  • Outecheva, N. (2007), “Corporate Financial Distress: An Empirical Analysis of Distress Risk”, PhD. Dissertation, Gallen University/Verlag Nicht Ermittelbar, Germany.
  • Özdemir, F.S. (2011), “Finansal Raporlama Sistemlerinin Bilginin İhtiyaca Uygunluğu Açısından Değerlendirilmesi: İMKB Şirketlerinde Finansal Başarısızlık Tahminleri Yönüyle Bir Uygulama”, Doktora Tezi, Ankara Üniversitesi, Ankara.
  • Pereira, J. et al. (2017), “Comparing Logit Model with Discriminant Analysis for Predicting Bankruptcy in Portuguese Hospitality Sector”, European Journal of Tourism Research, 16, 276-280.
  • Peric, G. et al. (2021), “The Impact of Serbian Tourists Risk Perception on Their Travel Intentions During the COVID-19 Pandemic”, European Journal of Tourism Research, 27, 1-22.
  • Roodman, D. (2009), “An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Sacco, B. & I.P. Cassar (2019), “Measuring the Economic Impact of Tourism in Malta Using the Tourism Satellite Account”, European Journal of Tourism Research, 23, 86-111.
  • Salehi, M. & M.D. Pour (2016), “Bankruptcy Prediction of Listed Companies on the Tehran Stock Exchange”, International Journal of Law and Management, 58(5), 545-561.
  • Sevil, G. et al. (2013), “Finansal Krizler ve İşletme Başarısızlıkları”, in: N. Aydın (ed.), Finansal Yönetim - II (191-193), Ankara: Anadolu Üniversitesi Yayınları.
  • Shahwan, T.M. (2015), “The effects of Corporate Governance on Financial Performance and Financial Distress: Evidence from Egypt”, Corporate Governance, 15(5), 641-662.
  • Shaukat, A. & H. Affandi (2015), “Impact of Financial Distress on Financial Performance to Pakistani Corporate Sector”, International Journal of Current Research, 7(2), 12991-12996.
  • Shean, K.S. (2019), “Tobin’s Q of Honda Motor Company, Limited and Its Determinants from 2013 to 2017”, Working Paper, University Library of Munich, Germany, 12 May.
  • Smith, R. & A. Winakor (1935), “Changes in Financial Structure of Unsuccessful Industrial Corporations”, Bureau of Business Research Bulletin No. 51, Urbana: University of Illinois Press.
  • Song, H.J. & H.K. Kang (2019), “The Moderating Effect of CEO Duality on the Relationship Between Geographic Diversification and Firm Performance in the US Lodging Industry”, International Journal of Contemporary Hospitality Management, 31(3), 1488-1504.
  • Springate, G.L.V. (1978), “Predicting the Possibility of Failure in a Canadian Firm”, Master’s Thesis, Simon Eraser University, Canada.
  • Tan, T.K. (2012), “Financial Distress and Firm Performance: Evidence from the Asian Financial Crisis”, Journal of Finance & Accountancy, 11(36), 1-11.
  • Topal, M.H. & P. Hayaloğlu (2017), “Farklı Gelişmişlik Düzeylerinde Kurumsal Kalitenin Çevre Performansı Üzerindeki Etkisi: Ampirik Bir Analiz”, Sosyoekonomi, 25(32), 189-212.
  • Tse, T.S.M. (2006), “Crisis Management in Tourism”, in: D. Buhalis & C. Costa (eds.), Tourism Management Dynamics, Trend, Management and Tolls (28-38), Elsevier Butterworth, Heinemann.
  • Türksoy, A. (2007), “Konaklama İşletmelerinde Mali Başarısızlığa Yol Açan Etmenler”, Ege Akademik Bakış, 7(1), 99-115.
  • Vickers, F. (2006), Recession Proofing Your Business.
  • Weibel, P.F. (1973), “The Value of Criteria to Judge Creditworthiness in the Lending of Banks”, in: F.D.S. Choi (ed.), International Finance and Accounting Handbook, USA: Wiley & Sons, 10.8.
  • Wilcox, J.W. (1971), “A Simple Theory of Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 9(2), 1-12.
  • Yerdelen-Tatoğlu, F. (2018), İleri Panel Veri Analizi, İstanbul: Beta Basım Yayım Dağıtım.
  • Youn, H. & Z. Gu (2010), “Predicting Korean Lodging Firm Failures: An Artificial Neural Network Model Along with a Logistic Regression Model”, International Journal of Hospitality Management, 29(1), 120-127.

Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies

Year 2022, , 179 - 198, 25.10.2022

Erdinç Karadeniz , Ömer İskenderoğlu , Cemile Öcek

https://doi.org/10.17233/sosyoekonomi.2022.04.09

Abstract

This research study aims to determine the relationship between the financial failure risk and firm value in lodging companies operating in the European lodging industry. The impact of financial failure risks on firm value in lodging companies is tested with the Generalized Method of Moments (GMM) on several econometric models established for the research study. As a result of the analysis, according to the Fulmer H Score, Ohlson Score, and Springate Score models, it is determined that the firm values increase as the financial failure risks of lodging companies decrease. There is a limited number of studies in the finance literature examining the effect of the financial failure of lodging companies on financial performance. In this context, the study tries to reveal the relationship between the risk of financial failure and firm value in lodging companies by contributing to the tourism and finance literature.

Keywords

Financial Failure Risk Bankruptcy Firm Value Lodging Companies Europe

References

  • Aggarwal, D. & P. Padhan (2017), “Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry”, Theoretical Economics Letters, 7, 982-1000.
  • Aina, N.A. (2019), The Effect of Exchange Rate to Altman-Z in Mondelez International ‘Cadbury’, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3385205>, 23.12.2020.
  • Al-Kassar, T.A. & J.S. Soileau (2014), “Financial Performance Evaluation and Bankruptcy Prediction (Failure)”, Arab Economic and Business Journal, 9(2), 147-155.
  • Altman, E.I. & E. Hotchkiss, (1993), Corporate Financial Distress and Bankruptcy, New York: John Wiley & Sons.
  • Altman, E.I. (1968), “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), 589-609.
  • Altman, E.I. (2013), “Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA® Models”, in: Handbook of Research Methods and Applications in Empirical Finance, United Kingdom: Edward Elgar Publishing.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Asgharian, H. (2003), “Are Highly Leveraged Firms More Sensitive to an Economic Downturn?”, The European Journal of Finance, 9, 219-241.
  • Aydın, N. et al. (2014), Finansal Yönetim, Ankara: Detay Yayıncılık.
  • Bahar, O. & M. Kozak (2006), Turizm Ekonomisi, Ankara: Detay Yayıncılık.
  • Beaver, W.H. (1966), “Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 4, 71-111.
  • Buzgurescu, O.L.P. & N. Elena (2020), “Bankruptcy Risk Prediction in Assuring the Financial Performance of Romanian Industrial Companies”, in: S. Grima et al. (eds.), Contemporary Issues in Business Economics and Finance (Contemporary Studies in Economic and Financial Analysis (19-28), Emerald Publishing Limited.
  • Canbaş, S. et al. (2005), “Performans Ölçümünde Tobin Q Oranının Kullanılması: Hisse Senetleri İMKB’de İşlem Gören Sanayi İşletmeleri Üzerinde Bir Deneme”, Muhasebe ve Finansman Dergisi, 28, 24-36.
  • Delavar, A. et al. (2015), “Working Capital, Firm Performance, and Financial Distress in Firms Listed in Tehran Stock Exchange”, Indian Journal of Fundamental and Applied Live Science, 5, 2086-2093.
  • Dewi, A. & M. Hadri (2017), “Financial Distress Prediction in Indonesia Companies: Finding an Alternative Model”, Russian Journal of Agricultural and Socio-Economic Sciences, 61(1), 29-38.
  • Edmister, R.O. (1972), “An Empirical Test of Financial Ratio Analysis for Small Business Failure Prediction”, Journal of Financial and Quantitative Analysis, 7(2), 1477-1493.
  • Fulmer, J.G. (1984), “A Bankruptcy Classification Model for Small Firms”, The Journal of Commercial Bank Lending, 66(11), 25-37.
  • Gemar, G. et al. (2019), “Predicting Bankruptcy in Resort Hotels: A Survival Analysis”, International Journal of Contemporary Hospitality Management, 31(4), 1546-1566.
  • Gritta, R.D. et al. (2008), “A Review of the History of Air Carrier Bankruptcy Forecasting and the Application of Various Models to the US Airline Industry: 1980-2005”, in: History of Insolvency and Bankruptcy (193-214), Södertörn Academic Studies.
  • Gu, Z. & L. Gao (2000), “A Multivariate Model for Predicting Business Failures of Hospitality Firms”, Tourism and Hospitality Research, 2(1), 37-49.
  • Gu, Z. (2002), “Analyzing Bankruptcy in the Restaurant Industry: A Multiple Discriminant Model”, International Journal of Hospitality Management, 21(1), 25-42.
  • Gujarati, D. (2004), Basic Econometrics, New York: Mcgraw-Hill Companies.
  • İskenderoğlu, Ö. et al. (2012), “Türk Bankacılık Sektöründe Büyüme, Büyüklük ve Sermaye Yapısı Kararlarının Karlılığa Etkisinin Analizi”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 7(1), 291-311.
  • Karaca, S. & E. Özen (2017), “Financial Failure Estimation of Companies in BIST Tourism Index by Altman Model and Its Effect on Market Prices”, BRAND Broad Research in Accounting, Negotiation and Distribution, 8(2), 11-23.
  • Karadeniz, E. & C. Öcek (2020), “Finansal Başarısızlık Tahmin Modellerinin Geçerliliğinin Analizi: Thomas Cook Örneği”, Seyahat ve Otel İşletmeciliği Dergisi, 17(3), 394-406.
  • Karadeniz, E. (2017), “Halka Açık Konaklama İşletmelerinin Nakit Akış Profillerinin Analizi: Uluslararası Bir Karşılaştırma”, Seyahat ve Otel İşletmeciliği Dergisi, 14(3), 167-185.
  • Karadeniz, E. et al. (2009), “Determinants of Capital Structure: Evidence from Turkish Lodging Companies”, International Journal of Contemporary Hospitality Management, 21(5), 594-609.
  • Khoo, S.S. (2013), Tobin’s Q of Honda Motor Company, Limited and Its Determinants from 2013 to 2017, Limited and Its Determinants From, Available at SSRN: <https://ssrn.com/abstract=3387035> or <http://dx.doi.org/10.2139/ssrn.3387035>, 17.01.2022.
  • Kim, H. & Z. Gu (2006), “Predicting Restaurant Bankruptcy: A Logit Model in Comparison with a Discriminant Model”, Journal of Hospitality & Tourism Research, 30(4), 474-493.
  • Kim, J. (2018), “Bankruptcy and Institutions: Theory and Empirical Evidence from Korea and the United States”, Emerging Markets Finance and Trade, 54(1), 219-233.
  • Kiyak, D. & D. Labanauskaite (2012), “Assessment of the Practical Application of Corporate Bankruptcy Prediction Models”, Economics and Management, 17(3), 895-905.
  • Köşker, H. (2017), “Krizlerin Turizm Sektörüne Etkileri Üzerine Bir Araştırma: 2016 Yılı Türkiye Örneği”, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler Dergisi, (62), 216-230.
  • Legault, J.C.A. (1987), CA-Score, A Warning System for Small Business Failures, Bilanas, June, 29-31.
  • Merwin, C.L. (1942), Financing Small Corporations in Five Manufacturing Industries, 1926-1936, New York: National Bureau of Economic Research.
  • Meyer, P.A. & H.W. Pifer (1970), “Prediction of Bank Failures”, The Journal of Finance, 25(4), 853-868.
  • Ohlson, J.A. (1980), “Financial Ratios and the Probabilistic Prediction of Bankruptcy”, Journal of Accounting Research, 18(1), 109-131.
  • Opler, T.C. & S. Titman (1994), “Financial Distress and Corporate Performance”, The Journal of Finance, 4(3), 1015-1040.
  • Outecheva, N. (2007), “Corporate Financial Distress: An Empirical Analysis of Distress Risk”, PhD. Dissertation, Gallen University/Verlag Nicht Ermittelbar, Germany.
  • Özdemir, F.S. (2011), “Finansal Raporlama Sistemlerinin Bilginin İhtiyaca Uygunluğu Açısından Değerlendirilmesi: İMKB Şirketlerinde Finansal Başarısızlık Tahminleri Yönüyle Bir Uygulama”, Doktora Tezi, Ankara Üniversitesi, Ankara.
  • Pereira, J. et al. (2017), “Comparing Logit Model with Discriminant Analysis for Predicting Bankruptcy in Portuguese Hospitality Sector”, European Journal of Tourism Research, 16, 276-280.
  • Peric, G. et al. (2021), “The Impact of Serbian Tourists Risk Perception on Their Travel Intentions During the COVID-19 Pandemic”, European Journal of Tourism Research, 27, 1-22.
  • Roodman, D. (2009), “An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9(1), 86-136.
  • Sacco, B. & I.P. Cassar (2019), “Measuring the Economic Impact of Tourism in Malta Using the Tourism Satellite Account”, European Journal of Tourism Research, 23, 86-111.
  • Salehi, M. & M.D. Pour (2016), “Bankruptcy Prediction of Listed Companies on the Tehran Stock Exchange”, International Journal of Law and Management, 58(5), 545-561.
  • Sevil, G. et al. (2013), “Finansal Krizler ve İşletme Başarısızlıkları”, in: N. Aydın (ed.), Finansal Yönetim - II (191-193), Ankara: Anadolu Üniversitesi Yayınları.
  • Shahwan, T.M. (2015), “The effects of Corporate Governance on Financial Performance and Financial Distress: Evidence from Egypt”, Corporate Governance, 15(5), 641-662.
  • Shaukat, A. & H. Affandi (2015), “Impact of Financial Distress on Financial Performance to Pakistani Corporate Sector”, International Journal of Current Research, 7(2), 12991-12996.
  • Shean, K.S. (2019), “Tobin’s Q of Honda Motor Company, Limited and Its Determinants from 2013 to 2017”, Working Paper, University Library of Munich, Germany, 12 May.
  • Smith, R. & A. Winakor (1935), “Changes in Financial Structure of Unsuccessful Industrial Corporations”, Bureau of Business Research Bulletin No. 51, Urbana: University of Illinois Press.
  • Song, H.J. & H.K. Kang (2019), “The Moderating Effect of CEO Duality on the Relationship Between Geographic Diversification and Firm Performance in the US Lodging Industry”, International Journal of Contemporary Hospitality Management, 31(3), 1488-1504.
  • Springate, G.L.V. (1978), “Predicting the Possibility of Failure in a Canadian Firm”, Master’s Thesis, Simon Eraser University, Canada.
  • Tan, T.K. (2012), “Financial Distress and Firm Performance: Evidence from the Asian Financial Crisis”, Journal of Finance & Accountancy, 11(36), 1-11.
  • Topal, M.H. & P. Hayaloğlu (2017), “Farklı Gelişmişlik Düzeylerinde Kurumsal Kalitenin Çevre Performansı Üzerindeki Etkisi: Ampirik Bir Analiz”, Sosyoekonomi, 25(32), 189-212.
  • Tse, T.S.M. (2006), “Crisis Management in Tourism”, in: D. Buhalis & C. Costa (eds.), Tourism Management Dynamics, Trend, Management and Tolls (28-38), Elsevier Butterworth, Heinemann.
  • Türksoy, A. (2007), “Konaklama İşletmelerinde Mali Başarısızlığa Yol Açan Etmenler”, Ege Akademik Bakış, 7(1), 99-115.
  • Vickers, F. (2006), Recession Proofing Your Business.
  • Weibel, P.F. (1973), “The Value of Criteria to Judge Creditworthiness in the Lending of Banks”, in: F.D.S. Choi (ed.), International Finance and Accounting Handbook, USA: Wiley & Sons, 10.8.
  • Wilcox, J.W. (1971), “A Simple Theory of Financial Ratios as Predictors of Failure”, Journal of Accounting Research, 9(2), 1-12.
  • Yerdelen-Tatoğlu, F. (2018), İleri Panel Veri Analizi, İstanbul: Beta Basım Yayım Dağıtım.
  • Youn, H. & Z. Gu (2010), “Predicting Korean Lodging Firm Failures: An Artificial Neural Network Model Along with a Logistic Regression Model”, International Journal of Hospitality Management, 29(1), 120-127.
There are 60 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Erdinç Karadeniz 0000-0003-2658-8490

Ömer İskenderoğlu 0000-0002-3407-1259

Cemile Öcek 0000-0001-6376-3820

Publication Date October 25, 2022
Submission Date January 7, 2022
Published in Issue Year 2022

Cite

APA Karadeniz, E., İskenderoğlu, Ö., & Öcek, C. (2022). Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies. Sosyoekonomi, 30(54), 179-198. https://doi.org/10.17233/sosyoekonomi.2022.04.09
AMA Karadeniz E, İskenderoğlu Ö, Öcek C. Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies. Sosyoekonomi. October 2022;30(54):179-198. doi:10.17233/sosyoekonomi.2022.04.09
Chicago Karadeniz, Erdinç, Ömer İskenderoğlu, and Cemile Öcek. “Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies”. Sosyoekonomi 30, no. 54 (October 2022): 179-98. https://doi.org/10.17233/sosyoekonomi.2022.04.09.
EndNote Karadeniz E, İskenderoğlu Ö, Öcek C (October 1, 2022) Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies. Sosyoekonomi 30 54 179–198.
IEEE E. Karadeniz, Ö. İskenderoğlu, and C. Öcek, “Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies”, Sosyoekonomi, vol. 30, no. 54, pp. 179–198, 2022, doi: 10.17233/sosyoekonomi.2022.04.09.
ISNAD Karadeniz, Erdinç et al. “Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies”. Sosyoekonomi 30/54 (October 2022), 179-198. https://doi.org/10.17233/sosyoekonomi.2022.04.09.
JAMA Karadeniz E, İskenderoğlu Ö, Öcek C. Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies. Sosyoekonomi. 2022;30:179–198.
MLA Karadeniz, Erdinç et al. “Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies”. Sosyoekonomi, vol. 30, no. 54, 2022, pp. 179-98, doi:10.17233/sosyoekonomi.2022.04.09.
Vancouver Karadeniz E, İskenderoğlu Ö, Öcek C. Financial Failure Risk - Firm Value Nexus: Evidence from The European Lodging Companies. Sosyoekonomi. 2022;30(54):179-98.